[ad_1]
Apple Supplier Plans To Invest $400M For New Vietnam Factories Amid China Tensions
Apple Inc. AAPL supplier BOE Technology Group plans to build two factories in Vietnam.
What Happened: The Chinese display maker is reportedly considering investing about $400 million to build factories in Hanoi, anonymous sources familiar with the matter told Reuters.
BOE Technology, which is also a supplier of Apple’s rival Samsung Electronics Co Ltd SSNLF, is in talks to rent dozens of hectares of land in north Vietnam, the report noted.
The expansion would come in addition to the Chinese company’s relatively small plant in the south that supplies mostly television screens to South Korea-based Samsung and LG Electronics.
The developments come as other Apple suppliers, including iPhone maker Foxconn Technology look to diversify supply chains out of China amid geopolitical tensions and the disruption caused by Beijing’s recent ease of COVID-19 restrictions.
Last year, reports indicated that Foxconn also signed a memorandum to expand its facility in the north of Vietnam. The company also signed a $300 million memorandum of understanding with Vietnamese developer Kinh Bac City.
Meanwhile, Apple exported more than $2.5 billion worth of iPhones from India between April and December, almost twice the previous fiscal year’s total.
Check out more of Benzinga’s Europe and Asia coverage by following this link.
[ad_2]
Image and article originally from www.benzinga.com. Read the original article here.